Borneo Oil Bhd’s wholly-owned subsidiary Borneo Oil & Gas Corp Sdn Bhd has completed the first part of exploration on one of the eight zones in its Bukit Ibam gold prospect in Pahang and has prepared a report under the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves.
According to the group’s Bursa Malaysia filing, exploration works covered an area of 2.03ha and have discovered a total resource of 621.92kg of gold in 1.66 million metric tons of ore with an average grade of 0.42g per ton. Furthermore, Borneo Oil reported that a recommendation to develop the exploration has been made for the zone as well as other zones in the mining area with similar geology as it may hold significant potential for additional gold resources by a competent person under the Australasian code.
Subsequent to the findings, it intends to proceed with mining works in the zone through an outsourcing business structure and the group is now in the process of selecting a suitable contractor for the task. In the prior assessment, it estimated a potential resource of 1.87 tonnes of gold in the 462-acre prospecting area.
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